So as an update, I tapped the bushing with 5/16" NC thread. I then slipped a 5/16 bolt through a flat washer and then through the hole in a piece of 2x4 and threaded it into the bushing. After snugging up the bolt and applying some torque, I was afraid the threads in the softer brass bushing were going to strip out. I ended up cutting the threads all the way through the bushing so I could get enough of a bite with the bolt and hopefully not strip the threads in the bushing. I had to apply quite a bit of torque to the wrench and thought it was surely going to strip when the bushing suddenly broke free with a loud BANG. I added more washers to the top under the head of the bolt and continued to extract the bushing. I'm really glad I had extracted the bushing instead of trying to remove and insert the o-ring without removing the bushing as there was a lot of crud, etc. under the bushing where the o-ring sits. I never would have been able to get the new o-ring inserted.
Thank you all for the help.